The company outlines that the main objective of the plan is to downsize the business to provide a stable and sound platform from which it can then either grow the business organically or by acquisition.

Moore’s management structure has also been affected with the company CEO, David Glavonjic being replaced Ralph Stonell, who will also take up the chief financial officer’s role. The current CFO Neil Mitchell-Clark will leave the company at the end of the month.

In a statement to the ASX, the board outlines, “The successful implementation of the restructuring plan will see the business emerge with annualised projected sales in the order of $36m and EBITDA in the range between $2m and $3m. The major portion of the restructuring plan is estimated to be completed by May 31.

“The board believes that the restructure of the business will place the company in a strong position to be able to recover value for shareholders and provide a stable platform to grow the business.”

In a spot of good news for the company, the NSW Road and Transport Authority has extended its contract with Moore for another 12 months.

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